What is a Developed Country, A Status India is Aiming to Achieve by 2047?

Abstract

“Developed country” is a term used to describe a nation that has achieved a high level of economic development, technological advancement, and social well-being. The classification of countries as "developing" or "developed" is a complex topic that involves various economic, social, and political factors. Historically, the classification was often based on the economic indicators, but over time, the understanding of development has evolved to include a broader range of factors. During British colonial rule, India's wealth was indeed drained to Britain through various mechanisms. The British East India Company's exploitation of India's resources and industries during colonial rule left a lasting impact on the country's economic landscape. Post-independence, India faced multifaceted developmental challenges. Economically, the trajectory involved early mixed results, followed by the transformative liberalization, privatization, and globalization reforms in the 1990s. India experienced high growth, but recent years have seen challenges, including a growth slowdown and pandemic disruptions. Non-economic factors like the Human Development Index (HDI) shed light on disparities in life expectancy, education, and income. India, despite progress, remains a developing country due to factors like brain drain, population growth, income inequality, infrastructure challenges, corruption, and environmental issues. The Modi government's policies aim to make India a developed nation by 2047. Initiatives like Make in India, GST, Digital India, Skill India, Atmanirbhar Bharat, PMJDY, and PMAY address economic and social dimensions. Strategies include infrastructure development, skill enhancement, financial inclusion, and sustainable practices. Regular policy reviews and adaptability are crucial for these measures to contribute effectively to India's transformative development.